Wells Fargo & Company Issues Positive Forecast for Plains GP (NYSE:PAGP) Stock Price

Plains GP (NYSE:PAGP) had its target price raised by equities researchers at Wells Fargo & Company from $21.00 to $22.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 4.35% from the company’s current price.

Several other research analysts also recently commented on PAGP. Zacks Research downgraded shares of Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Stifel Nicolaus boosted their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, March 6th. Citigroup increased their target price on Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. Morgan Stanley lifted their price target on Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 25th. Finally, Bank of America lowered Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $21.22.

Plains GP Stock Performance

NYSE PAGP traded down $0.04 during trading on Friday, hitting $23.00. 333,950 shares of the company’s stock traded hands, compared to its average volume of 2,050,026. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of 43.39 and a beta of 0.56. Plains GP has a 12-month low of $16.60 and a 12-month high of $24.00. The business has a 50 day moving average of $21.28 and a 200-day moving average of $19.30.

Hedge Funds Weigh In On Plains GP

Institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its position in Plains GP by 2.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company’s stock valued at $196,592,000 after purchasing an additional 247,365 shares during the last quarter. Caprock Group LLC bought a new position in shares of Plains GP in the 3rd quarter worth $3,088,000. Chickasaw Capital Management LLC increased its holdings in shares of Plains GP by 5.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after buying an additional 494,259 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Plains GP by 75.3% during the 2nd quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company’s stock valued at $5,661,000 after buying an additional 125,169 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC lifted its holdings in shares of Plains GP by 16.8% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 800,863 shares of the pipeline company’s stock worth $14,608,000 after acquiring an additional 115,020 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

About Plains GP

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.